The defendant financed purchases of automobiles by plaintiff, a retail dealer, in the following manner. The manufacturer would send the bill of lading and draft on plaintiff to a bank acting as agent for defendant. The bank would advance the amount of the draft and deliver the bill of lading to plaintiff, taking a trust receipt on the cars. This trust receipt recited that defendant was the owner of the automobiles and might retake possession at any time. On breach of the agreement, defendant retook possession of the cars with plaintiff's consent and thereafter sold them without plaintiff's knowledge. Plaintiff sued for conversion. Held, that the transaction constituted a chattel mortgage and that defendant, though having taken possession of the cars rightfully, became liable for conversion when he sold them without complying with the statutory requirements for foreclosure of chattel mortgages. McLeod Nash Motors v. Commercial Credit Trust, (Minn. 1932) 246 N. W. 17.